Morning Movers 9/23: ILI, SKYT, KERX, QTWW, ASTI Higher; EEE, CEU, LCC, FTBK, DAC Lower
Interleukin Genetics, Inc. (Amex: ILI) 260% HIGHER; announced today top-line positive results from a retrospective clinical study on weight management using patients who participated in a diet study previously reported in the Journal of the American Medical Association. The new clinical study demonstrated that individuals following diets matched to their genotype, as determined by the Interleukin Genetics Weight Management Genetic Test, showed statistically significant greater weight loss and other benefits at all time points (2 months, 6 months and 12 months) when compared to individuals on diets not matched to their genotype.
Evergreen Energy Inc. (NYSE: EEE) 37.5% LOWER; provided an update on its process to sell Buckeye Industrial Mining Co. and its financing alternatives. On September 18, 2009, our exclusivity arrangement for the sale of Buckeye Industrial Mining expired. Although we are continuing to negotiate with the current possible acquirer, we do not have a definitive agreement to sell Buckeye. On August 4, 2009, we reached an agreement with an investment group to provide an aggregate $25 million of financing, including a $20.0 million commitment from one significant, long-term shareholder and $5.0 million in additional commitments from two other shareholders and members of our Board of Directors. We had anticipated closing this transaction no later than September 19, 2009. Click here for the full report.
SkyTerra (OTCBB: SKYT) 37% HIGHER; announced that it has entered into a definitive merger agreement for SkyTerra to be acquired by a new corporation formed and indirectly wholly-owned by Harbinger Capital Partners Master Fund I, Ltd and Harbinger Capital Partners Special Situations Fund, L.P. Under the terms of the agreement, the new corporation will pay $5.00 in cash per share for each of SkyTerra's outstanding shares of common stock not held by Harbinger or its affiliates.
Keryx Biopharmaceuticals (Nasdaq: KERX) 31.8% HIGHER; announced results of the Open Label Extension trial of Zerenex (ferric citrate) for the treatment of elevated serum phosphorous levels, or hyperphosphatemia, in patients with end-stage renal disease on dialysis. The OLE trial, conducted in Taiwan, enrolled 29 of the 37 Taiwanese patients that had completed the randomized, multi-center, multi-national (United States and Taiwan) dose-ranging Phase 2 study.
Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) 22.4% HIGHER; continuing higher today following news yesterday that Fisker Automotive and US Department of Energy agreed to terms for $528.7M loan. The stock rose more than 41% yesterday.
Ascent Solar Technologies, Inc. (NASDAQ: ASTI) 19.7% HIGHER; has signed a multi-year direct supply agreement with TurtleEnergy LLC, a premium photovoltaic systems integrator headquartered in Linden, New Jersey. Under the terms of the agreement, Ascent Solar expects to deliver up to 67 MW of its high efficiency flexible CIGS photovoltaic modules during the five year contract period. Ascent Solar is scheduled to begin shipping products to TurtleEnergy from its Thornton, Colorado manufacturing plant early next year.
Opexa Therapeutics (NASDAQ: OPXA) 19.4% HIGHER; announced that it has achieved its first technology transfer milestone in connection with the company's recently announced exclusive stem cell agreement with Novartis, one of the world's largest healthcare companies. The milestone was completed on schedule and triggers a payment of $500,000 to Opexa. Click here for the full report.
Nextwave Wireless (Nasdaq: WAVE) 13.5% HIGHER; Launching today at www.twonkymedia.com/beam, TwonkyBeam marks a new, powerful and entirely free addition to PacketVideo's award-winning TwonkyMedia family of media-sharing software products. TwonkyBeam makes web-browsing more fun by allowing the user to beam their media to connected devices throughout the home.
China Education Alliance, Inc. (NYSE: CEU) 10.3% LOWER; announced that it intends to offer, subject to market and other conditions, $17,391,304 of shares of its common stock. In connection with this offering, China Education will grant the underwriters an option to purchase an additional $2,608,696 of shares of common stock to cover any over-allotments.
US Airways Group, Inc. (NYSE: LCC) 9.8% LOWER; announced the sale of 26,315,790 shares of its common stock to Citi, as underwriter in the public offering of those shares. The Company granted Citi an option to purchase up to an additional 3,947,369 shares of common stock solely to cover over-allotments, if any. Completion of the sale is subject to customary closing conditions, and the sale is expected to close on September 28, 2009.
Frontier Financial Corporation (NASDAQ: FTBK) 9.1% LOWER; received notice from the Nasdaq Stock Market stating that the minimum bid price of the Company's common stock was below $1.00 per share for 30 consecutive business days and that the Company was therefore not in compliance with Marketplace Rule 5450(a)(1). The notification letter has no effect at this time on the listing of the Company's common stock on the NASDAQ Global Market. Frontier's common stock will continue to trade on the NASDAQ Global Market under the symbol FTBK.
Danaos Corporation (NYSE: DAC) 9.1% LOWER; announced that it has now obtained waivers covering all prior breaches of financial covenants in its credit facilities as well as any subsequent breaches of these covenants until October 1, 2010. Danaos Corporation also announced that the charterer of six of its containerships, Zim Integrated Shipping Services Ltd., has stated that it is reducing, unilaterally, all of its long-term charterhire payments to ship-owners by 35% commencing September 1, 2009 and for an indicated period of three years. Danaos has not accepted this offer, nor acquiesced to this reduction, and it is in discussions with Zim and evaluating the situation. The vessels that Danaos charters to Zim are currently operating under 12-year time charters. Zim is not a charterer of any of Danaos' newbuilding containerships.
To get this report daily, visit http://www.streetinsider.com/entities/Morning+Movers.
Evergreen Energy Inc. (NYSE: EEE) 37.5% LOWER; provided an update on its process to sell Buckeye Industrial Mining Co. and its financing alternatives. On September 18, 2009, our exclusivity arrangement for the sale of Buckeye Industrial Mining expired. Although we are continuing to negotiate with the current possible acquirer, we do not have a definitive agreement to sell Buckeye. On August 4, 2009, we reached an agreement with an investment group to provide an aggregate $25 million of financing, including a $20.0 million commitment from one significant, long-term shareholder and $5.0 million in additional commitments from two other shareholders and members of our Board of Directors. We had anticipated closing this transaction no later than September 19, 2009. Click here for the full report.
SkyTerra (OTCBB: SKYT) 37% HIGHER; announced that it has entered into a definitive merger agreement for SkyTerra to be acquired by a new corporation formed and indirectly wholly-owned by Harbinger Capital Partners Master Fund I, Ltd and Harbinger Capital Partners Special Situations Fund, L.P. Under the terms of the agreement, the new corporation will pay $5.00 in cash per share for each of SkyTerra's outstanding shares of common stock not held by Harbinger or its affiliates.
Keryx Biopharmaceuticals (Nasdaq: KERX) 31.8% HIGHER; announced results of the Open Label Extension trial of Zerenex (ferric citrate) for the treatment of elevated serum phosphorous levels, or hyperphosphatemia, in patients with end-stage renal disease on dialysis. The OLE trial, conducted in Taiwan, enrolled 29 of the 37 Taiwanese patients that had completed the randomized, multi-center, multi-national (United States and Taiwan) dose-ranging Phase 2 study.
Quantum Fuel Systems Technologies Worldwide, Inc. (Nasdaq: QTWW) 22.4% HIGHER; continuing higher today following news yesterday that Fisker Automotive and US Department of Energy agreed to terms for $528.7M loan. The stock rose more than 41% yesterday.
Ascent Solar Technologies, Inc. (NASDAQ: ASTI) 19.7% HIGHER; has signed a multi-year direct supply agreement with TurtleEnergy LLC, a premium photovoltaic systems integrator headquartered in Linden, New Jersey. Under the terms of the agreement, Ascent Solar expects to deliver up to 67 MW of its high efficiency flexible CIGS photovoltaic modules during the five year contract period. Ascent Solar is scheduled to begin shipping products to TurtleEnergy from its Thornton, Colorado manufacturing plant early next year.
Opexa Therapeutics (NASDAQ: OPXA) 19.4% HIGHER; announced that it has achieved its first technology transfer milestone in connection with the company's recently announced exclusive stem cell agreement with Novartis, one of the world's largest healthcare companies. The milestone was completed on schedule and triggers a payment of $500,000 to Opexa. Click here for the full report.
Nextwave Wireless (Nasdaq: WAVE) 13.5% HIGHER; Launching today at www.twonkymedia.com/beam, TwonkyBeam marks a new, powerful and entirely free addition to PacketVideo's award-winning TwonkyMedia family of media-sharing software products. TwonkyBeam makes web-browsing more fun by allowing the user to beam their media to connected devices throughout the home.
China Education Alliance, Inc. (NYSE: CEU) 10.3% LOWER; announced that it intends to offer, subject to market and other conditions, $17,391,304 of shares of its common stock. In connection with this offering, China Education will grant the underwriters an option to purchase an additional $2,608,696 of shares of common stock to cover any over-allotments.
US Airways Group, Inc. (NYSE: LCC) 9.8% LOWER; announced the sale of 26,315,790 shares of its common stock to Citi, as underwriter in the public offering of those shares. The Company granted Citi an option to purchase up to an additional 3,947,369 shares of common stock solely to cover over-allotments, if any. Completion of the sale is subject to customary closing conditions, and the sale is expected to close on September 28, 2009.
Frontier Financial Corporation (NASDAQ: FTBK) 9.1% LOWER; received notice from the Nasdaq Stock Market stating that the minimum bid price of the Company's common stock was below $1.00 per share for 30 consecutive business days and that the Company was therefore not in compliance with Marketplace Rule 5450(a)(1). The notification letter has no effect at this time on the listing of the Company's common stock on the NASDAQ Global Market. Frontier's common stock will continue to trade on the NASDAQ Global Market under the symbol FTBK.
Danaos Corporation (NYSE: DAC) 9.1% LOWER; announced that it has now obtained waivers covering all prior breaches of financial covenants in its credit facilities as well as any subsequent breaches of these covenants until October 1, 2010. Danaos Corporation also announced that the charterer of six of its containerships, Zim Integrated Shipping Services Ltd., has stated that it is reducing, unilaterally, all of its long-term charterhire payments to ship-owners by 35% commencing September 1, 2009 and for an indicated period of three years. Danaos has not accepted this offer, nor acquiesced to this reduction, and it is in discussions with Zim and evaluating the situation. The vessels that Danaos charters to Zim are currently operating under 12-year time charters. Zim is not a charterer of any of Danaos' newbuilding containerships.
To get this report daily, visit http://www.streetinsider.com/entities/Morning+Movers.
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